The FDIC demanded that the crypto-friendly Cross River Bank \u201cself-correct\u201d and address deficiencies related to its lending activity.<\/p>\n
The agency made public<\/a> a consent order, signed by the bank on March 8. The document states that Cross River Bank failed to organize and maintain \u201cinternal controls, information systems and prudent underwriting practices.\u201d<\/p>\n \u201cThe FDIC reviewed the matter and determined that [Cross River Bank] neither admits nor denies that it engaged in unsafe or unsound banking practices in connection with compliance with applicable fair-lending laws and regulations,\u201d the order states.<\/p>\n<\/blockquote>\n A consent order \u2014 which confirms that the recipient agrees not to engage in certain activities if it has done so previously \u2014 is a ruling approved and issued by a court, though not a formal judicial decision \u2014 it is classified as a settlement.<\/p>\n Cross River Bank, a New Jersey regional bank that works with a number of cryptocurrency firms. According to a report from the FFIEC<\/span><\/a>, as of the end of Q1 2023 the bank\u2019s deposits were $7.8 billion.<\/p>\n\n